Century Petroleum is seeking its first production well discovery of a new gas condensate field in Saint Mary's Parish, Louisiana.
The initial production test of Shadyside # 1 flowed at a stabilized daily rate of 3 million cubic feet and 200 barrels of condensate via a 7/64 choke. The flow tubing pressure was 8,900 PSI. The high quality Miocene reservoir did not require artificial stimulation. Century expects the well to begin initial sales before the end of this calendar year. The Company has a 15.17% working interest after casing point.
"We are extremely pleased that our strategy has begun with a successful discovery. Shadyside is an important milestone for the Company and its shareholders as it constitutes our first high-impact discovery and could provide us with a growth engine for our company in 2008. At Century, we are confident in our HP-HT exploration strategy and we believe that we could have similar successes at our other projects," commented Jim Hersch, CEO of Century Petroleum.
"We expect Shadyside to generate our first production and revenue in a very short time. The operator was informed that we may have a sales tap installed by the end of this week which means that the company could start generating revenues as early as the first quarter of 2008. At current prices, Shadyside # 1 could potentially provide Century with gross revenues in excess of $125,000 per month," added Johannes Petersen, CFO of the Company.
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